How do we view the thematic landscape? We break the themes we track into three major categories: Technology, Demographics, and Global Shock. The chart here tracks the average theme rank for each of the major categories. While Technology has engineered a massive AI-driven rebound this year and is the clear leader, Demographic (mainly consumer) ranks have been fairly stable despite constant recession fears. We could upgrade within Demographics if we gain confidence the economy will avoid recession in 2024. Themes showing strength include Travel, Leisure, Homebuilding, and Millennial Spending.
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